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RM 11-15-74
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RM 11-15-74
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5. <br />PUBLIC HEARING (Cont'd) <br />Mr. Kevin J. Butler, Commission Legal Counsel, asked <br />Ms. Bauer on her above comments for clarification <br />that previously the grants would have been limited to <br />$5,000. Ms. Bauer explained that they still will be; <br />but that previously, any sum of money for a giver house <br />would have been limited to $5,000 but that it could have <br />been a loan and grant application- -the grant depending <br />on the income - -with the combined total for $5,000. <br />Mr. Kent Wilcox advised the City Council has delegated <br />authority to the Commission to adopt the guidelines. <br />So far, from the experience of the Advisory Committee, <br />very few of the applications for the rehabilitation <br />loans and grants would require any type of a loan. Ms. <br />Bauer advised they have come-.across some people who have <br />stated they would like to fix up their homes but are not <br />willing to undertake the financial commitment of a loan <br />but do not now qualify for a full grant. We do not want <br />people to drop out of the program because they are unable <br />to pay for a loan. By elimination of the sliding scale, <br />this will give a greater freedom in grants. <br />Rev. Senns, Chairman of the Advisory Committee, advised <br />he was appointed by the Mayor to this Committee to repre- <br />sent the Southeast Neighborhood. He advised the Southeast <br />Neighborhood PAC, who participated in the drafting of the <br />guidelines, is not in favor of dropping the loan part of <br />the program, as they want to prove they are capable of <br />repaying, etc., and not have it just as a giveaway from <br />the government. The problem the Committee has encountered <br />is that they -don't see any feasible way to administer a <br />loan program. He said he has personally dealt with some <br />financial officers of various lending institutions in the <br />City of South Bend. We also have Mr. Forrest Miller on <br />our Committee from the First Bank and Trust Company. The <br />lending institutions are not interested in taking up a <br />loan program, at 3% interest, over a ten -year period, <br />as they wouldn't even break even on it. The City doesn't <br />have any facilities set up to handle it as yet; conse- <br />quently, the Advisory Committee doesn't see any alternative <br />except to simply drop the sliding scale. The Committee <br />would not make any loans in this first phase; it would only <br />make grants. He believes the value of doing it this way is <br />that the possibility of going ahead with a loan program <br />can be instituted at such time as the City has a facility <br />to handle it. <br />As Chairman of the Advisory Committee for the E -7 Program, <br />RE:V. Senns said he is recommending that the Commission <br />adopt their proposed change in the basic guideline to re- <br />move the sliding scale. <br />Mr. Butler asked when the loan program would be re- instituted, <br />when it is feasible, if that then would require an amendment <br />or revision of the guidelines back to the original provisions? <br />- 7_ <br />
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